European Press Roundup: Lufthansa Looks to Cut Jobs at Alitalia, German Economy Needs Immigrants

In Europe today, stocks are buoyed by hopes that U.S.-China trade tensions will cool, and auto makers and suppliers rally after Michelin reports better-than-expected 2018 results. Read about the above topics on Dow Jones Newswires or WSJ.com.

In Other Media...

Lufthansa's plan for Alitalia includes 2,500 to 2,900 job cuts and the addition of more long-haul flights to America and South Africa. -La Repubblica

Germany needs at least 260,000 immigrants each year until 2060 to offset the impact of demographic decline on its workforce to a level that is manageable for the economy, according to a study by the Bertelsmann Foundation. The study already assumes a positive base scenario with a rising birth rate, more women at work and a higher retirement age. -Frankfurter Allgemeine Zeitung

German retailer Ceconomy is poised to undergo major restructuring to eliminate duplicate structures in departments in its Media Markt and Saturn stores and increase the demarcation between the two chains. Hundreds of jobs in the companies' head offices could be cut as a result. Details on the restructuring will likely be determined after Ceconomy's new CEO and CFO take up their posts March 1. -Handelsblatt

More than a hundred of Air France-KLM managers asked for the mandate renewal of Pieter Elbers, President and CEO of KLM, as Mr. Elbers' mandate is threatened despite its good performance at the head of the unit. -La Tribune

The U.K. won't be able to renegotiate all trade agreements involving the EU in time for the Brexit deadline, government officials admit. British negotiators will now focus on securing deals that cover around 90% of the country's trade, but talks with Japan and South Korea have hit a roadblock. The U.K. would only need to sign those treaties if it leaves the bloc without an agreement. Otherwise, the nearly 40 EU treaties to which it is currently party would be automatically replicated. -Sky News

A U.K. offshore wind-power project, which is expected to become the world's largest once it is completed in the second half of 2019, will start supplying power to the electricity grid later this week. Denmark's Oersted, the developer of the Hornsea One windfarm, says it is ready to fill the energy gap left by recent failures of nuclear projects. -The Guardian

Three overseas banks that quit the Irish market during the financial crisis have seen the number of cases of overcharging more than double to as many as 655 in just over a year. In October 2017, Bank of Scotland said that it had identified 184 customers who were hit by an industry-wide debacle where they were either denied their right to a cheap home loan linked to the main ECB rate, or put on an incorrect rate. The other banks are Danske Bank and ACCBank. -The Irish Times

The Dutch state wants to compile a "black list" of companies that have agreed settlements for violating the law, according to unnamed sources familiar with the matter. Following the ING money-laundering scandal, The Netherlands wants to make it harder for companies that have violated the law to win government tenders. -Financieele Dagblad

Dubai-based port operator DP World is ready to increase capacity at its U.K. sites to ease potential congestion in the country in case it leaves the EU without a trade deal. Chief Executive Sultan Ahmed Bin Sulayem said the company could quickly boost capacity by 30% at its Essex terminal, and even further at London Gateway over time. -FT

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(END) Dow Jones Newswires

February 12, 2019 07:16 ET (12:16 GMT)

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